Computer-aided Detection (CAD) Market 2031 to Receive Overwhelming Hike in Revenues

According to a new market research report titled 'Computer-aided Detection (CAD) Market by Application (Oncology [Breast, Lung, Colorectal, Liver], Cardiology), Modality (Mammography, MRI, CT, Ultrasound), End User (Hospitals & Clinics, Imaging Centers, Ambulatory Care Centers) - Global Forecast to 2031,' published by Meticulous Research®, the Computer-aided Detection (CAD) market is projected to reach $1.56 billion by 2031, at a CAGR of 7.4% from 2024 to 2031.

Computer-aided Detection (CAD) utilizes algorithms and image analysis to help medical professionals diagnose and detect cancer and cardiovascular diseases, among others. It examines diagnostic images, such as ultrasound scans, mammograms, and Magnetic Resonance Imaging (MRI) scans, to offer detailed information for clinical analysis and decision-making.

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CAD automatically detects and highlights suspicious spots or abnormalities in medical images that may indicate the existence of cancer. It also detects masses and structural abnormalities. CAD technology increases the efficiency, accuracy, and consistency of cancer diagnosis and detection.

The growth of the CAD market is driven by the rising prevalence of chronic diseases, increasing awareness regarding the importance of early cancer diagnosis, increasing investments and funding for cancer research, and rising healthcare expenditures. Additionally, the growing acceptance of CAD among radiologists, increasing cancer screening programs, and advancements in CAD solutions, such as the integration of Artificial Intelligence (AI) and Machine Learning (ML), are expected to generate significant market growth opportunities.

However, the high costs of CAD solutions restrain the growth of this market. Additionally, the lack of technical expertise required for using CAD systems is a significant challenge impacting the market's growth.

Rising Prevalence of Chronic Diseases Driving the Growth of the Computer-aided Detection (CAD) Market

The prevalence of chronic diseases is increasing globally. According to the World Health Organization (WHO), in 2021, 41 million deaths due to chronic diseases were registered globally (74% of deaths worldwide). Cardiovascular diseases account for the most chronic disease deaths (17.9 million individuals per year), followed by chronic respiratory diseases (4.1 million), cancers (9.3 million), and other diseases globally.

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Furthermore, according to data published by the World Health Organization (WHO) in February 2022, cancer was among the most common causes of mortality all over the world. In 2020, cancer accounted for approximately 10 million deaths globally. The increased incidence of cancer can be attributed to several factors, including high body mass index, tobacco consumption, low fruit and vegetable intake, alcohol consumption, lack of physical activity, shifts in reproductive patterns, and environmental influences.

The prevalence of cancer is rising globally. According to GLOBOCAN 2020, 19.3 million people were diagnosed with cancer in 2020. This number is expected to rise to 24.6 million by 2030. Thus, the rising prevalence of chronic diseases is expected to boost diagnosis and detection, driving the demand for CAD solutions.

The Computer-aided Detection (CAD) market is segmented based on Application (Oncology [Breast Cancer, Lung Cancer, Liver Cancer, Bone Cancer, Other Cancers], Cardiology, Other Applications), Imaging Modality (Mammography, Magnetic Resonance Imaging [MRI], Ultrasound Imaging, Computed Tomography [CT], Other Imaging Modalities), End User (Hospitals & Clinics, Diagnostic Imaging Centers, Ambulatory Care and Surgery Centers), and Geography. The study also evaluates industry competitors and analyzes the CAD market at the regional and country levels.

The report also includes an extensive assessment of the key growth strategies adopted by leading market players in the last three to four years. The key players profiled in this study are Siemens Healthineers AG (Germany), Koninklijke Philips N.V. (Netherlands), GE HealthCare Technologies Inc. (U.S.), Hologic, Inc. (U.S.), FUJIFILM Holdings Corporation (Japan), EDDA Technology, Inc. (U.S.), Canon Medical Systems Corporation (Japan), Riverain Technologies (U.S.), Median Technologies (France), Agfa-Gevaert NV (Belgium), iCAD Inc. (U.S.), CureMetrix, Inc. (U.S.), and THERAPIXEL (France).

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Among the applications covered in this study, the oncology segment is expected to account for the largest share of the CAD market in 2024. The segment's large share is attributed to the increase in cancer screening programs and increasing investments and funding for cancer research. For instance, in September 2023, the Breast Cancer Research Foundation (BCRF) (U.S.) invested $60.2 million in breast cancer research. With this investment, the foundation aimed to support the breast cancer projects of 275 scientists from various academic and medical institutions across 15 countries. Also, the investment was focused on new treatment methods, as well as early diagnosis and prevention. Also, in September 2023, the Government of New Brunswick (Canada) launched a lung cancer screening program to screen high-risk patients. The Government of New Brunswick invested $3.4 million in this program to support lung cancer screening.

Among the imaging modalities studied in this report, the mammography segment is expected to account for the largest share of the CAD market in 2024. Computer-aided mammograms offer improved accuracy in diagnosis as the images can be zoomed in on, upgraded, or adjusted for more in-depth evaluation. Also, computer-aided mammography enables early identification of breast cancer in patients with no symptoms. These factors contribute to the segment's large share.

Among the end users covered in this study, the hospitals & clinics segment is expected to account for the largest share of the CAD market in 2024. Effective cancer treatment requires advanced screening and diagnostic technologies, expert healthcare professionals, and facilities capable of conducting multiple tests, which are all available in hospitals and clinics. Also, growing awareness regarding cancer is driving the demand for advanced care, supporting the segment's large market share.

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Based on geography, the global Computer-aided Detection (CAD) market is segmented into North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Rest of Europe), Asia-Pacific (Japan, China, India, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global CAD market. North America's large market share can be attributed to the growing awareness regarding the importance of early cancer diagnosis, the high adoption of technologically advanced products in the U.S. and Canada, significant investments in R&D, accelerated economic growth, the region's expanding healthcare sector, and the high prevalence of cancer in the region. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.

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This release was published on openPR.